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Samll Business Ch 3

Small Business Management Ch 3

QuestionAnswer
Capabilities The integration of various organizational resources that are deployed together to the firm's advantage.
Competitave Advantage A benefit that exists when a firm has a product or service that is seen by its trarget market as better than those of competitors.
Competitive Environment The environment that focuses on the strength, position, and likely moves and countermoves of competitors in an industry.
Core Competencies Those capabilities tha provide a firm to be the lowest-cost producer within its market.
Cost-Based Strategy A plan of action that requires a firm to be the lowest-cost producer within its market.
Differentiation-Based Strategy A plan of action designed to provide a product or service with unique attributes that are valued by consumers.
Entrepreneurial Alertness Readiness to act on existing, but unnoticed, business opportunities.
Fatal Flaw A circumstance or development that alone could render a new business unsuccessful [SPS].
Feasibility Analysis A preliminary assessment of a business idea that gauges whether or not the venture envisioned is likely to succeed
Focus Strategy A plan of action that isolates an enterprise from competitors and other market fores by targeting a restricted market segment.
General Environment The broad environment, encompassing factors that influence most businesses in a society.
Industry Environment The combined forces that directly impact a given firm and its competitors.
Intangible Resources Those organizational resources that are invisible and difficult to assess.
Opportunity Recognition Identification of potential new products or services that may lead to promising businesses.
Resources The basic inputs that a firm uses to conduct its businesses.
Serendipity A gift for making desirable discoveries by accident.
Startups New business ventures started "from scratch".
Strategic Decision A decision regarding the direction a frim will take in relating to its customers and competitors.
Strategy A plan of action that coordinates the resources and commitments of an organization to achieve superior performance.
SWOT Analysis A type of assessment that provides a concise overview of a firm's strategic situation.
Tangible Resources Those organizational resources that are visible and easy to measure.
Type A Ideas Startup ideas centered around providing customers with an existing product not available in their market.
Type B Ideas Startup ideas, involving new technology, centered around providing customers with a new product.
Type C Ideas Startup ideas centered around providing customers with an improved product.
Created by: dengler
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